PNC bank, which is classified as one of the leading banks worldwide, has declared their plans, moving towards acquiring Ambassador Financial Group, Inc. (AFG). AFG is a company specialized in balance sheet management. Most of their clients are investors, banks, insurance companies and any other financial institutions. PNC, focusing on one of the leading companies in financial management, will own AFG’s rights, making it a sub-product from the bank.
The president of PNC, Charlotte McLaughlin explained “This combination represents an opportunity to deliver tailored end-to-end solutions and positions us to offer a full product platform to banks and other financial institutions.” He stated clearly how PNC is trying to expand their services to a wider margin. His target was to utilize all the benefits of the capital markets and use partner with the right financial companies that will help in this plan. Efficient relationships with client is the current target for PNC as explained by Mr. Charlotte.
On the other hand, Rob Pachence, co-founder of AFG, showed how fond he was for the partnership and the acquisition plan. He stated “Combining our process within PNC’s robust Capital Markets Financial Institutions Group resources will create a first-class platform dedicated to serving our clients’ needs.” AFG has always been a customer centric company which is why this partnership is in place.
Matt Resch, co-founder and managing partner, of AFG, described how this step was logical and expected for AFG. He described PNC as one of their loyal and main customers, which is another reason to choose them as their partner. An up-to-date platform is expected to be released from this partnership to help deliver the objectives efficiently. “ We will accomplish this by leveraging PNC’s balance sheet, resources, and expertise with our advisory approach” said Mr. Matt